Lawyer
Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in Turkey
A bank account in Turkey may be needed for everyday payments, receiving income, paying for housing and working with counterparties. The application procedure depends on the applicant’s status, the purpose of the account and the bank’s requirements. Personal expenses and a company’s international activities require different documents and banking products.
Prikhodko & Partners helps determine the application procedure and prepare documents and explanations for the bank’s review. Before submitting an application, it is advisable to agree on future transactions, required currencies and the possibility of visiting a branch in person.
How can a non-resident open an account in Turkey?
Foreign citizenship and non-resident status are different characteristics of an applicant. The bank takes into account the place of residence, the person’s documents and the purpose of the banking relationship. Therefore, the conditions applicable to a foreigner residing in Turkey should not automatically be applied to a person travelling there solely to open an account.
For example, İşbank publishes the following list for foreign clients:
- a valid passport issued no more than ten years ago or, where applicable, a valid residence permit;
- a foreigner identification number or Turkish tax identification number;
- proof of residential address in Turkey or, where applicable, the address stated in the passport.
As an example of proof of address, the bank refers to a utility or telephone bill in the applicant’s name issued by a Turkish provider within the previous three months. The procedure provides for an application at a branch.
If there is no local address or residence permit, the acceptability of the available documents should be clarified before travelling. Obtaining a tax identification number alone does not confirm that the bank has approved the opening of an account.
Can an account be opened online in Turkey?
The availability of mobile banking does not mean that a foreigner can complete initial identification remotely. Availability of this procedure should be checked based on the documents of the specific applicant.
In particular, the standard remote onboarding process at Garanti BBVA requires the applicant to be at least 18 years old and to hold a biometric Turkish identity card. The procedure includes document verification and a video call. These conditions do not confirm that an account can be opened with a Ukrainian international passport through the same service.
If account opening without travelling is required, the available identification method should first be agreed with the bank. Opening through a representative also requires separate confirmation: a power of attorney does not in itself replace all customer verification procedures.
Which bank is best for opening an account in Turkey?
The bank should be selected according to the planned payments. For living expenses, card services, local transfers and payment for services are important; for business, foreign currency transactions and work with foreign counterparties are relevant.
| Bank | What can be considered | What to clarify before applying |
|---|---|---|
| Türkiye İş Bankası — İşbank | Services for foreign clients; separate requirements for corporate applicants | Acceptance of address documents and the package required for your status |
| Ziraat Bankası | Current accounts in Turkish lira and foreign currencies | Conditions for non-residents, fees and available transfer destinations |
| Garanti BBVA | Digital banking and banking products for everyday transactions | Method of initial identification for a foreigner and branch requirements |
The stated options are confirmed by the banks’ pages; availability of a particular product for an applicant requires verification.
Account in Turkey for an individual
A personal account should be selected taking into account the source of incoming funds and regular expenses. Before opening one, it is advisable to compare service fees, card fees, cash withdrawal charges and international transfer fees. It is also worth clarifying the requirements for the telephone number and the procedure for restoring access from abroad.
For a significant incoming payment, it is useful to prepare source-of-funds documents in advance. The sale of property can be explained by an agreement and evidence of settlement, while savings from salary can be supported by employment documents and statements.
If the account is required for entrepreneurial payments, disclose this when applying. The product and the declared purpose of the banking relationship should correspond to the actual transactions.
Account in Turkey for a business or company
It is necessary to distinguish between a Turkish company with foreign owners, a branch of a foreign company and a legal entity registered abroad. Having a foreign founder does not make a Turkish company a non-resident legal entity.
For companies registered in Turkey, İşbank lists the following among the required documents:
- an application signed by authorised persons;
- registration documents and publication in the trade registry;
- articles of association and chamber of commerce documents;
- tax registration document;
- documents of persons authorised to sign and a list of certified signatures.
The bank separately describes document packages for branches and representative offices of foreign legal entities and expressly warns that submission of documents does not guarantee account opening.
When preparing for the review, it is advisable to describe the ownership structure, activities, expected turnover and countries of counterparties. If the company is only commencing operations, existing agreements or a business plan can help explain its future transactions. Requirements for foreign documents, translations and certification should be agreed before they are prepared.
Foreign currency account in Turkey
A foreign currency account is needed to hold funds and conduct transactions in the relevant currency. For example, Ziraat Bankası offers a foreign currency current account with the possibility of making foreign currency transfers.
Before opening an account, it is advisable to compare exchange rates, fees for incoming and outgoing payments and correspondent bank charges. For a card, the debit currency and conversion rules should be clarified.
The ability to hold a particular currency does not confirm the availability of every international payment. If the account is required for a specific contract, clarify in advance the conditions for making the transfer using the relevant bank details and the documents required for the transaction.
What is included in legal support?
Prikhodko & Partners helps prepare the application in accordance with the client’s status and planned transactions. The scope of work may include:
- analysis of needs and requirements of the relevant banks;
- review of the completeness and consistency of documents;
- assistance with completing questionnaires;
- preparation of explanations regarding business activities and source of funds;
- handling additional bank requests.
The purpose of legal support is to prepare a clear package of documents and reduce the number of follow-up questions caused by errors or inconsistencies. The decision on providing banking services is made by the bank.
How we support the opening of an account in Turkey
- We clarify the objective. We determine the type of account, the applicant’s status, currencies and future payments.
- We review the conditions. We determine the document requirements and identification method.
- We prepare the application. We work through the package, questionnaires and necessary explanations.
- We support the review. We help respond to requests until a decision is received.
The timeframes and cost of legal support are determined after assessing the situation. Bank fees, translations and certification of documents are calculated separately.
Advantages of legal support
- The requirements applicable to the applicant are checked before travelling.
- Documents are prepared for the specific type of account.
- Information about business activities and payments is aligned and consistent.
- The client receives assistance with additional requests from the bank.
Are you planning to open an account in Turkey for yourself or your company? Contact Prikhodko & Partners to determine the application procedure and prepare the documents for your situation.
Calculate the cost of services
1 question
Are you currently in Ukraine?
2 question
Has a Turkish bank previously refused to open an account for you?
3 question
Do you need to open an account without travelling to Turkey in person?
4 question
Do you need an account for entrepreneurial activities or a company?
Does legal support guarantee a positive decision from the bank?
No. Lawyers help prepare the application, but the decision depends on the client’s review and the bank’s internal procedures.
Do all documents need to be translated into Turkish?
The list of documents requiring translation and the method of certification should be agreed with the bank. It is not advisable to order a translation of the entire package before clarifying the requirements applicable to the specific applicant.
How long does it take to open an account?
There is no single timeframe for all applicants. It depends on the completeness of the documents, the company’s structure and additional requests. The timeframe for preparing the legal package and the timeframe for the bank’s review should be assessed separately.
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